Houses
With Unpaid Property Taxes - A Unique Investing Opportunity
By Maggie Dawson
If you've been investing in mortgage pre-foreclosure homes with little
success, you may want to look into switching up your game plan and
investing in houses with unpaid property taxes instead. Why? One simple
reason: they rarely, if ever, are encumbered by a mortgage.
Houses with unpaid property taxes that make it all the way to tax sale
have a few things in common.
First of all, they've had ample opportunity to be "saved" by their
mortgage companies. Normally, if a house has unpaid property taxes and is
in danger of being sold at tax sale, the mortgage company will come in and
pay the taxes to avoid losing their stake in the property. More often than
that, mortgage payments include property tax- so those houses would never
end up with unpaid property taxes.
Secondly, the taxes have been unpaid for quite some time. Although
there is state code governing how long a property can go with unpaid taxes
before being sold at tax sale, often they go much longer due to the
discretion of the county (sheriff, clerk, tax commissioner, etc). Once
taxes have gone unpaid for that amount of time, we can guess the owner
isn't planning on paying them off, or that they don't have the money, or
simply don't have a clue that the property will be auctioned off.
(Sometimes, they aren't even aware that they own the property at all!)
Finally, the most important thing they have in common is that they are
a lucrative investment opportunity. While investing at the actual tax sale
isn't always a great way to get a deal on houses with unpaid property
taxes, due to the competition from other bidders, you can often get these
properties directly from their indigent or uninterested owners for token
amounts. They key is to contact them just before the property is going to
be lost forever, when they've got nothing to lose by selling to you.
Delve into the world of
"deed grabbing" as
this method of tax property investing is known, and learn to easily profit
with little to no competition.
To sign up for a free (by email) delinquent tax investing course, "5
Days to Getting Tax Delinquent Property for $200 or Less",
click here.
M. Dawson is a Chicago area writer, real estate investor, and
entrepreneur.
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